AMP.NATSEM Income and Wealth Report Issue 31 - Prices These Days: The Cost of Living in Australia
Australian household income is outpacing the cost of living over the longer term, with disposable incomes increasing 20% over the last 27 years, while the average family is better off by $224 per week in real terms, according to the latest report in the AMP.NATSEM Income and Wealth series. The AMP.NATSEM Income and Wealth Report: Prices these days! The cost of living in Australia explores how living costs have changed since 1984 finding that average income growth for Australian households across all income and socio-economic groups more than covered the cost of living over this period. However, cost of living pressures continued with strong price growth since 1984 across everyday essentials including electricity, which increased 253%, rent prices grew 223%, mortgages increased 256%, petrol increased 208% and public transport costs jumped 287%. This growth was partially offset by dramatic drops in audio visual and computing, which now cost one tenth what they did in 1984, while average prices for clothing, footwear and major household appliances have changed little, and are often lower today than 27 years ago.
These are some of the key findings of the 31st AMP.NATSEM Income and Wealth Report: Prices These Days - The Cost of Living in Australia.